Last week, an email was sent out to Swedbank’s customers who have chosen to save money in an investment savings account, so-called ISK. The reason? The Swedish bank is now making changes to the conditions due to a technical transfer.
“Hello! We would like to inform you that your investment savings account (ISK) will receive updated terms. The change in terms will take place on July 7, 2024 at the earliest. Until then, your account will function as before,” the email customers received from Swedbank reads at the beginning.
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The technical change they are implementing means that you who have an ISK will no longer be able to trade shares after July 7.
– The background is that we are developing a new platform for savings and now we are starting to carry out the technical transfer of our customers’ accounts in that infrastructure. This is something that we are doing step by step and it means that customers with ISK where it is exclusively saved in funds until July 7 will switch to the new platform, says Swedbank’s press officer Hannes Mård to News24.
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How will the customers be affected?
Well, according to Mård, this now means that customers must instead open another investment savings account, if they wish to trade in shares and securities.
– Those whose accounts are affected will, during a transition period, only be able to buy and sell funds, and not trade in other securities on that account. This means that if you want to trade shares after July 7, when your account has been transferred, you will have to open a new ISK for this, he says and adds:
– ISK accounts that have other securities, or securities and funds, are not affected and you can trade on them as usual. This is only during a transition period and the functionality to trade shares on these accounts is planned for the second half of 2024.
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In an email to a number of customers, Swedbank is now announcing its upcoming changes. Photo: PrivatSkatt on new ISK? This applies according to Swedbank
As investment savings accounts are also taxable, it is also reasonable to wonder how another account will affect your taxes in the future.
According to Hannes Mård, you can breathe out. The technical change will not affect you from a purely tax point of view.
– ISK is taxed based on the total value of your assets and deposits, regardless of whether you make a profit or a loss, he tells Nyheter24.
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Hannes Mård works as press officer at Swedbank. Photo: Press image Swedbank